Opening Bell 6.29.18

Trump wants out on WTO; Stress test results; Musk's final countdown; Jail revisits and more!
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Trump has repeatedly told aides he wants to quit the WTO: Axios [Reuters]

GENEVA (Reuters) - President Donald Trump has repeatedly told top White House officials he wants the United States to withdraw from the World Trade Organization, a move that would be potentially calamitous for global commerce, the news website Axios reported on Friday, citing people involved in the discussions.

Fed Test Slaps Wall Street Titans, Unleashes Record Payout [Bloomberg]

Tougher Federal Reserve stress tests forced some of Wall Street’s top banks to rein in ambitious plans for pumping out cash to shareholders. But even those diminished returns spell a record payout to investors.

As the central bank’s annual stress tests ended Thursday, the nation’s four largest lenders -- JPMorgan Chase & Co., Bank of America Corp., Wells Fargo & Co. and Citigroup Inc. -- said they will distribute more than $110 billion through dividends and stock buybacks, sending their stocks higher. Even shares of Goldman Sachs Group Inc. and Morgan Stanley -- which the Fed blocked from boosting total payouts -- climbed in early trading Friday.

Xiaomi Prices Hong Kong IPO at Bottom of Target Range [WSJ]

The company encountered difficulties on the road to the IPO. Xiaomi’s offering kicked off at a tumultuous time for Chinese stocks, which have weakened due to concerns about China’s escalating trade conflict with the U.S.

In addition, when it came to Xiaomi’s business prospects, some analysts and potential investors never bought into the company’s narrative that it is primarily an internet company. Instead, some said they viewed Xiaomi as a hardware company, which generally command lower multiples.

Tesla Reaches Moment of Truth in Mad Dash to Make 5,000 Cars Per Week [Bloomberg]

Now the mad scramble to meet a self-imposed production deadline—a rate of 5,000 cars per week by the end of June—is coming to an end. The quarter concludes Saturday, and Tesla is expected to report its production figures for the last three months before the July 4 holiday. Tesla has repeatedly fallen short of its own manufacturing targets. Now investors will find out exactly how many cars Tesla made, sold, and stockpiled and what sort of weekly rate they were finally able to achieve.

Man sent back to jail after not paying for taxi ride home from jail [WCVB 5]

Melbourne police say Folk hailed a taxi outside the Brevard County Jail Complex in Cocoa shortly after midnight. After traveling 30 miles to his Melbourne home, Folk told the driver that neither his sister nor his roommate could help him pay the $70 fare. The driver called the police.

Folk had previously been in jail for criminal mischief. Officials say he had been convicted of ransacking his own home and damaging his roommate’s belongings.

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